Woori Bank has officially adopted a financial holding company structure to actively pursue strategic mergers and acquisitions with the goal of expanding its non-banking business, reports The Korea Herald.

“Woori has held a strong banking business, but its non-banking segment has remained weak until now,” Woori Financial Holdings and Woori Bank chairman Sohn Tae-seung said. “Under the new holding company structure, we hope to thereby build up a stronger portfolio in the non-banking business areas.”

Woori Bank previously held the distinction as Korea’s only commercial bank without a holding company structure.

The banking group is set to start expansion plans through direct acquisitions of companies engaged in asset management, real estate, investment trusts and savings banks. For larger acquisitions like those of securities and life insurance companies, Woori will be tying up with other buyers for smaller stakes.

In the long run, Woori Financial Group's goal is to bring its banking to nonbanking business ratio to 7:3 and eventually to 6:4, according to the chairman.

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